Oppenheimer Discusses Apple's iCloud

Oppenheimer & Co. is out with a note on Apple AAPL and its announcement of iCloud. In a note to clients, Oppenheimer writes, "Apple's cloud (or Internet) based music service called iTunes will launch this fall. The service allows users to download music purchased on all devices automatically downloaded and push new content to up to 10 devices. The service is available for free along with 9 other apps that make up the iCloud suite. Apple noted that iCloud stores and pushes music, iBooks, photos, videos, device settings, app data, documents, Pages, Numbers, and Keynote data between all iOS devices. Given Apple's history of creating great products and services, this could be a major spark for growth of cloud services, which is good for our entire coverage universe." Shares of AAPL lost $5.40 yesterday to close at $338.04, a loss of 1.6%.